When we learn a new skill, it takes time to develop it. The best way to do so is to practice under the watchful eye of an expert. Think back to when you first learned to drive. You likely had someone review the basic operations of the vehicle and traffic laws with you. Then they likely rode with you in a controlled environment and monitored your progress. Eventually, you may have entered the open road with that person guiding you as you practiced your new skill. Now, you likely drive without much thought.
Trading is a lot like learning to drive. It is a skill that must be learned and practiced. In Online Trading Academy’s Professional Trader Course, you learn the basics of trading, the foundation. This is much like learning the basic vehicle operations and rules of the road. You now know what you didn’t before, but you aren’t experienced enough to drive yet. Online Trading Academy recognizes this and takes their classes a step further than anyone else. We drive with you in a controlled environment. This is accomplished with live trading in our classroom, using our funds and under the supervision of an experienced trader/instructor.
Most students think that they are done at this point and ready to take on the markets. That would be like driving out of that parking lot onto a busy motorway with no experience. You are going to be a danger to yourself and others! When I learned to trade, I took on a mentor who guided me through the markets. I was able to share trading plans and ideas with this person and they helped to correct my mistakes before they occurred, or before they grew too large to manage.
While the trading floor is gone, the electronic mentoring lives on. I am proud to be one of the instructors for the Extended Learning Track (XLT) program at Online Trading Academy. We have several sessions per week that offer education and review for the skills you learned in class. We also set up and take swing and intraday trades and review student trades. This is the equivalent of the “on the road” training that will shorten your learning curve and greatly enhance your skills.
Before we trade, even in the XLT, we must plan the trades. The instructors review the market conditions and potential trades for the session before any trading will take place. These are the same steps that any successful trader should do and watching this will develop good trading habits for you.
Often, even with a plan prepared, as experienced traders we must be open to new opportunities and adjustments due to ever-changing market conditions. Whether I take trades in the XLT rooms or in my own account, I remain objective and look for alternative trading opportunities should my plan not work out or not meet entry. This does not mean that I abandon my plan and trade on emotion. I impartially analyze the likelihood for my plan to work. If I notice a better opportunity based on market conditions, I plan that trade first before jumping into it just as I would any trade.
Having an experienced trader demonstrate how to plan and adjust to market conditions is critical to your success. To learn how we do this analysis and adaptation, come and see it in action in the XLT program.
Learning a skill doesn’t mean you are ready to apply it efficiently and immediately. Trading successfully is a journey and it becomes easier with help. That is what we are here for as instructors. Utilize the tools and assistance available to you and don’t take the journey alone. You’ll find the path is much easier that way.